Renting Allows You More Cash for Other Things

Is there still an appetite among young people to own their own homes? A survey suggested otherwise.

It showed that almost a half of those people currently renting would be happy to rent long term.

But as more people are forced into renting over the long term, could we really be approaching a sea-change in our attitude to property ownership?

There are lots of attractions to renting, not least the fact that any problems with the property have to be fixed by the landlord, not the renter. With no sudden maintenance costs to meet, renting can actually be a good long-term deal.

It's also worth bearing in mind that renters don't have to pay property taxes. Renters also avoid all the other costs that home buyers have to meet.

If you're renting, you have more flexibility in terms of moving. That fact resonates with all those people sitting with negative equity on their property.

The fact that they owe more than the property is worth means very few will be able to take the loss if they want to move. In other words, they're trapped.

The world has changed. The housing market has not risen since the crash in 2008 and as of yet is not climbing.

Presently, the traditional view of the home being your most valuable asset doesn't apply.

Rather than risking your savings on a massive deposit and the associated property purchase costs, choosing to rent as a long-term decision could actually make sense.

Many renters, rather than viewing renting as a period between purchases, now see it as a better-value alternative to short-term ownership. Renting can help avoid making costly mistakes.

Long term, most believe that the property market will recover somewhat. But it may never reach the historic levels which turned generations of homeowners into speculators. In other words, the profits we've become used to may have simply gone.

Once you strip out the idea of a home being a financial investment, then you focus on finding the best home. And that could just as easily be a rented one.